MIRA INFORM REPORT

Report No. :	489868
Report Date :	03.02.2018

IDENTIFICATION DETAILS

Name :	RESPIRONICS, INC.
Registered Office :	1010 Murry Ridge Lane, Murrysville, PA 15668-8525
Country :	United States
Date of Incorporation :	1976
Legal Form :	Corporation
Line of Business :	Subject develops, manufactures, and distributes products for sleep and respiratory markets.
No. of Employees :	4900

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
United States	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

UNITED STATES - ECONOMIC OVERVIEW

The US has the most technologically powerful economy in the world, with a per capita GDP of $57,300. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.

In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.

Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.

The onrush of technology has been a driving factor in the gradual development of a "two-tier" labor market in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.

Imported oil accounts for nearly 55% of US consumption and oil has a major impact on the overall health of the economy. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.

The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009, Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the Federal Government reduced the growth of spending and the deficit shrank to 7.6% of GDP. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.

Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2014, the direct costs of the wars totaled more than $1.5 trillion, according to US Government figures.

In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.

In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.

In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short-term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. In late 2013, the Fed announced that it would begin scaling back long-term bond purchases to $75 billion per month in January 2014 and further reduce them as conditions warranted; the Fed ended the purchases during the summer of 2014. In 2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by mid-2015, the lowest rate of joblessness since before the global recession began; inflation stood at 1.7%, and public debt as a share of GDP continued to decline, following several years of increases. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With US GDP growth below 2%, the Fed opted to raise rates three times since then, and in mid-June 2017, the range for the target rate stood at 1% to 1.25%.

Source : CIA

STATUTORY INFORMATION
Legal Name:	RESPIRONICS, INC.
Trade Names:	RESPIRONICS, INC.
ID:	803455
Date Created:	1976
Date Incorporated:	February 29, 1984
Legal Address:	1010 Murry Ridge Lane Murrysville, PA 15668-8525 United States
Operative Address:	1010 Murry Ridge Lane Murrysville, PA 15668-8525 United States
Telephone:	724-387-5200
Fax:	724-387-5001
Legal Form:	Corporation
Email:	-
Registered in:	PENNSYLVANIA
Website:	www.respironics.com
Contact:	James Liken - President
Staff:	4900
Activity:	NAICS 1: Electric Lamp Bulb and Part Manufacturing NAICS 2: Electromedical and Electrotherapeutic Apparatus Manufacturing NAICS 3: Surgical and Medical Instrument Manufacturing NAICS 4: Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing NAICS 5: Child Day Care Services SIC 1: Electric Light Bulbs, Complete SIC 2: Patient Monitoring Apparatus, Nec SIC 3: Surgical And Medical Instruments SIC 4: Blowers And Fans SIC 5: Child Day Care Services
Banks:	BANK OF AMERICA
History:	Respironics, Inc. was founded in 1976 and is headquartered in Murrysville, Pennsylvania.
Parent Company:	As of March 13, 2008, Respironics Inc. was acquired by: Philips Holding USA Inc. 1251 Avenue of the Americas New York, NY 10020 United States
PRINCIPAL ACTIVITY
	Respironics, Inc. develops, manufactures, and distributes products for sleep and respiratory markets.
Products/Services description:	It offers non-invasive ventilation systems, homecare pulse oximetry systems, oxygen concentrators, portable home ventilators, CPAP and BiPAP therapy devices, masks, diagnostic sleep systems, titration systems, screening devices, oral appliances, peak flow meters, spacer/holding chambers, nebulizers and compressors, and allergy products.
Brands:	RESPIRONICS
Sales are:	Wholesale
Clients:	Philips Mexico Commercial SA De Cv Univd Autonoma Metropolitana Flextronics Mfg. Aguascalientes SA De Cv Philips Mexico Commercial SA De CV Meljcrom S.A. De C.V.
Suppliers:	Galemed Limited Taipei Branch Air Safety Limited Philips Electronics Hong Kong Limited Shanghai Dongsong Healthcare & Technology Co Ltd Shanghai Everest International Logistics Co., Ltd. Shanghai Solex Logistics Limited
Operations area:	National and International
The company imports from	TAIWAN UNITED KINGOM CHINA
The company exports to	MEXICO
The subject employs	4900 employees
Payments:	Regular
LOCATION
Headquarters :	1010 Murry Ridge Lane Murrysville, PA 15668-8525 United States
Comments on Address:	-
Branches:	The company has several branch locations. Some of them are: Respironics, Inc. (Branch Location) 12351 Grant St Thornton, Colorado 80241-3142 United States Respironics, Inc. (Branch Location) 2039 Concourse Dr Saint Louis, Missouri 63146-4118 United States Respironics, Inc. (Branch Location) 1001 Murry Ridge Ln Murrysville, Pennsylvania 15668-8550 United States Respironics, Inc. (Branch Location) 5 Technology Dr Wallingford, Connecticut 06492-1942 United States
Related Companies:	The company has sister companies: Volcano Corp 3721 Valley Centre Drive Suite 500 San Diego, CA 92130 United States Electrical Geodesics, Inc. 500 East 4th Avenue Suite 200 Eugene, OR 97401 United States The Spectranetics Corporation 9965 Federal Drive Colorado Springs, CO 80921 United States
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	The company does not disclose information on shareholders. The following information has been obtained through private sources and could not be confirmed. Philips Holding USA Inc. 1251 Avenue of the Americas New York, NY 10020 United States
Management:	JAMES LIKEN - President DANIEL J BEVEVINO- Treasurer JOSEPH INNAMORATI – Secretary PAUL CAVANAUGH – Vice President
FINANCIAL INFORMATION
	The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Revenue	1,5B
Cash flow	Normal
LEGAL FILINGS
PATENTS	Valve apparatus Patent number: 4913401 Abstract: A valve apparatus for installation in a fluid conveying conduit which is operable by deformation of valve elements to open and permit fluid flow therethrough. Type: Grant Filed: January 26, 1989 Date of Patent: April 3, 1990 Assignee: Respironics, Inc. Inventor: Patrick M. Handke Breathing gas delivery method and apparatus Patent number: 6029664 Abstract: A method of detecting changes in a person's respiration between inspiration and expiration by monitoring of gas flow characteristics. Type: Grant Filed: March 25, 1997 Date of Patent: February 29, 2000 Assignee: Respironics, Inc. Inventors: Ronald J. Zdrojkowski, Mark Estes Microspectrometer gas analyzer Publication number: 20030043373 Abstract: A robust, compact spectrometer apparatus for determining respective concentrations or partial pressures of multiple gases in a gas sample with single as well as multiple and even overlapping, absorption or emission spectra that span a wide spectral range. Type: Application Filed: August 23, 2002 Publication date: March 6, 2003 Applicant: Respironics, Inc. Inventor: James T. Russell
GOVERNMENT CONTRACTS	Government Contractor: RESPIRONICS, INC. Name & Address: 1010 MURRY RIDGE LN MURRYSVILLE, PA 15668-8517 Number of Defense Contracts Awarded : 131 Dollar Amount of Defense Contracts Awarded: $1,866,706
CASES	Mills v. Respironics Inc et al Plaintiff: James Mills Defendant: Respironics Inc and Lincare Inc Cross_claimant: Lincare Inc Cross_defendant: Respironics Inc Case Number: 0:2016cv03931 Filed: December 16, 2016 Court: South Carolina District Court Office: Rock Hill Office County: Lancaster Presiding Judge: Joseph F Anderson Nature of Suit: Personal Injury- Product Liability Cause of Action: 28:1441 Jury Demanded By: Both WINEGARDEN v. RESPIRONICS, INC. Plaintiff: JOHN WINEGARDEN Defendant: RESPIRONICS, INC. Case Number: 2:2016cv00477 Filed: April 20, 2016 Court: Pennsylvania Western District Court Office: Pittsburgh Office County: Allegheny Presiding Judge: Lisa Pupo Lenihan Nature of Suit: Employment Cause of Action: 42:2000 Jury Demanded By: Plaintiff Short v. Respironics, Inc. Plaintiff: Timothy Short Defendant: Respironics, Inc. Case Number: 2:2013cv11900 Filed: April 29, 2013 Court: Michigan Eastern District Court County: Monroe Referring Judge: David R. Grand Presiding Judge: Denise Page Hood Nature of Suit: Labor: Family and Medical Leave Act
TRADEMARKS	SPEAKEASY MEDICAL APPARATUS, NAMELY, EXERCISE STRESS TESTING MASK WORN BY PATIENTS WHILE CONDUCTING STRESS TESTS Owned by: RESPIRONICS INC. Serial Number: 73721618 REVIVEEASY MEDICAL APPARATUS, NAMELY, PHARYNGEAL TRACHAEL LUMEN AIRWAY Owned by: RESPIRONICS INC. Serial Number: 73721628 Image Trademark MEDICAL APPARATUS, NAMELY, CONTINOUS POSITIVE AIRWAY PRESSURE NASAL EQUIPMENT FOR THE TREATMENT OF SLEEP APNEA; DISPOSABLE… Owned by: RESPIRONICS INC. Serial Number: 73733038 WALLABY MEDICAL APPARATUS, NAMELY, PHOTOTHERAPY UNITS FOR THE TREATMENT OF BILIRUBIN'S DISEASE Owned by: RESPIRONICS INC. Serial Number: 73799950
RENEWAL HISTORY	No Records found.
UCC	Date: 02/02/2018 Processing Date: 01/28/2018 Filer Name: CHARLES A WEBER Debtor/Secured Party Details Respironics, Inc. Debtors Murray Ridge Plant, 1001 Murry Ridge Lane Murrysville PA 15668 Decatur Mold, Tool & Eng., Inc. Secured Parties PO Box 387 North Vernon IN 47274 Transaction History 2016092700177 09/26/2016 09/26/2021 Initial RESPIRONICS, INC. DECATUR MOLD, TOOL & ENG., INC. 1
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
	Respironics, Inc. is a large-sized organization in the electric lamp manufacturers industry located in Murrysville, PA. It opened its doors in 1976 and now has an estimated $1.5 billion in yearly revenue and 4,900 employees. The company operates nationally and internationally, mainly importing from Taiwan, United Kingdom and China. It is ACTIVE in business with no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Megan
POSITION	Operator
COMMENTS	She confirmed the name of the company, the address of the headquarters and location, the date of creation of the company, the number of employees and the contact name.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.07
UK Pound	1	INR 91.34
Euro	1	INR 80.03
US Dollar	1	INR 64.14

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.